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Informist, Friday, Apr. 17, 2026

 

By Pratiksha

 

MUMBAI – The rupee ended sharply higher against the dollar Friday, emerging as the best performer among Asian peers, after a report said the Reserve Bank of India has asked state-owned oil companies to use its special credit facility for their dollar purchases instead of the spot market, dealers said. 

 

However, the Indian unit erased a considerable portion of its gains as banks persistently purchased dollars on behalf of importers, they said. "Importers swooped in, looking at oil companies' absence and booked the attractive levels," a dealer at a private-sector bank said. 

 

After hitting a high of 92.6525 a dollar during the day, the Indian unit settled at 92.9250 on Friday, up 0.3% from its previous close of 93.1950.

 

State-run refiners have been asked to access the special credit line through the State Bank of India, Reuters reported Thursday, citing sources. The credit line is available to state-run oil companies like Indian Oil Corp., Hindustan Petroleum Corp. and Bharat Petroleum Corp., it said. 

 

Following the report, the Indian unit received a boost at open on Friday, opening 25 paise higher against the dollar. "With RBI announcing further measures of taking oil companies out of the demand for dollars, the rupee gained again to 92.65 levels," Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said. "These measures were taken by the RBI during the Russia-Ukraine war. The measures may continue till the lines of credit last, which could be for a month or so."

 

The RBI's latest measures have come amid the war in West Asia, which has led to a sharp rise in oil prices and strong foreign portfolio outflows. The central bank has recently deployed multiple regulatory measures to defend the rupee, including limits on banks' onshore net open positions and curbs on banks offering non-deliverable forwards to corporates. These measures have helped recover the rupee by about 2.4% from its record low of 95.22, hit in late March.

 

Noting the RBI's resolve to support the rupee amid the global uncertainties, traders trimmed their long dollar positions, which also supported the Indian unit. "There's no point holding any position against the rupee. Fundamentals are not at play anymore in the market," a dealer at another private-sector bank said. 

 

Earlier in the day, the Indian unit also found support from another Reuters report, which said that banks had halted gold and silver imports due to a delay in a government order, dealers said. However, the impact of this faded after the government issued a list of banks authorised to import bullion later in the day.

 

Further, banks rushed to buy dollars on behalf of non-oil importers, who wanted to make the most of the relatively lower dollar-rupee levels, dealers said. The Indian unit hit a low of 92.9725 a dollar during the day. 

 

A rise in domestic equities, driven by hopes of another round of negotiations between Iran and the US, also supported the Indian unit, dealers said. On Friday, the Nifty and Sensex ended 0.7% higher each. 

 

 

	AT 1530 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	92.9250	92.9450	92.6525	92.9725	93.1950
1-year dlr/rupee fwd (paise)	276.45	285.95	288.68	275.36	289.55

 

FORWARDS

The one-year dollar-rupee forward premium ended sharply lower following the report that the RBI has asked state-owned oil companies to curb dollar purchases in the spot market and use a special credit line for their foreign exchange needs, dealers said. Premiums fell owing to the expectation that forward dollar purchases by banks on behalf of state-owned oil marketing companies will now be absent or reduced, they said. 

 

The one-year exact-period dollar-rupee forward premium was 2.98% at 1530 IST, sharply down from Thursday's close of 3.11%. On an absolute basis, the premium was 276.45 paise, down from 289.55 paise Thursday.

 

OUTLOOK

On Monday, the rupee will take cues from crude oil price movements after the next round of US-Iran negotiations takes place over the weekend, dealers said. US President Donald Trump said the next round of negotiations may take place over the weekend, with the deadline for the current ceasefire due to expire on Wednesday.

 

However, most dealers expect the Indian unit to remain under pressure as long as Brent crude prices stay near $100 per barrel. The Indian currency may also take cues from movement in the dollar index, they said. 

 

The Indian currency may continue to find support due to the absence of demand from oil marketing companies in the spot market after the RBI reportedly provided a special window, dealers said. "I am expecting that the rupee could go to 92.00 levels slowly and steadily as a big chunk of demand is out of the market," Bhansali said. 

 

However, dealers expect importers to continue buying dollars amid looming uncertainties related to the war in West Asia, exerting pressure on the Indian unit. FPI outflows may also weigh on the local unit, they said. 

 

Dealers see strong technical resistance for the Indian currency at 92.50 per dollar. The rupee is likely to move in a range of 92.50-93.20 against the dollar Monday. 

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India Rupee - World FX: Dollar near 6-wk low on hopes of US-Iran peace talks

 

	AT 1554 IST	HIGH	LOW	PREVIOUS
GBP/USD	1.3534	1.3540	1.3505	1.3527
EUR/USD	1.1795	1.1799	1.1772	1.1782
NZD/USD	0.5888	0.5894	0.5880	0.5888
AUD/USD	0.7172	0.7182	0.7154	0.7157
USD/JPY	159.0460	159.5310	159.0120	159.1420
USD/CAD	1.3680	1.3704	1.3671	1.3701
EUR/JPY	187.6060	187.9564	187.4000	187.4700
CHF/USD	1.2784	1.2789	1.2754	1.2757
EUR/CHF	0.9226	0.9233	0.9223	0.9231

 

MUMBAI – The dollar index remained near the six-week low as investor sentiment improved after US President Donald Trump Thursday said the war with Iran should be ending pretty soon. He also said talks with Iran could begin as soon as this weekend in Pakistan. Meanwhile, the 10-day ceasefire between Israel and Lebanon came into effect Friday, removing the main hurdle between the US and Iran to resume talks. At 1500 IST, the dollar index was 98.07, slightly down from 98.20 Thursday.

 

Meanwhile, Brent crude oil prices fell sharply Friday after rising 4.7% Thursday on Trump's comment that Iran had agreed to key terms, including reopening the Strait of Hormuz, though Tehran has not confirmed this. At 1510 IST, Brent crude was at $96.30 a barrel, down from $99.39 a barrel Thursday. International Energy Agency's chief Fatih Birol said "the market is underestimating the consequences of a prolonged closure" of the Strait of Hormuz and that energy prices will rise. 

The euro was flat against the dollar as investors assessed developments in the West Asia war. The euro area's current account surplus in February declined to 25 billion euros from a surplus of 40 billion euros in January. For the year to February, the surplus was 289 billion euros, lower than 371 billion euros for the same period the previous year, data released Friday showed. The pound sterling and Canadian dollar fell nearly 0.2% against the greenback.

 

The Japanese yen fell 0.3% against the dollar as the market was uncertain about the reopening of the Strait of Hormuz. Japan is vulnerable to changes in oil prices as it relies heavily on imports. The US continued to block Iranian ports and coastal areas and it has so far sent back 14 vessels in compliance with the blockade.

 

The Canadian dollar fell 0.2% against the dollar, marking the third consecutive session of losses. The Swiss franc was broadly stable against the dollar and the Swedish krona fell 0.2% against the US unit. The Swiss National Bank kept its policy rate on hold Thursday and said that uncertainty over the economic outlook of Switzerland has risen due to the conflict in West Asia and global developments pose ‌the main risk for inflation.  (Divya Moolayattil)

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India Rupee:Premium dn after report RBI urged state oil cos to curb dlr buys

 

	AT 1500 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	92.9400	92.9450	92.6550	92.9725	93.1950
1-year dlr/rupee fwd (paise)	276.68	285.95	288.68	275.36	289.55

MUMBAI – The one-year dollar rupee forward premium fell sharply after a report said the Reserve Bank of India has urged state-owned oil companies to curb their dollar purchases in the spot market and use a special credit line instead for their foreign exchange needs, dealers said.

 

Premiums fell owing to the expectation that banks' forward dollar purchases on behalf of state-owned oil marketing companies will now be absent or reduced, they said. "The demand for forwards will go down as the main buyers of dollars will buy from state-owned banks," a dealer at a private-sector bank said.

 

State-run refiners have been asked to tap the State Bank of India to access the special credit line, Reuters reported Thursday, citing sources. Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd., and Bharat Petroleum Corp. Ltd., along with Mangalore Refinery and Petrochemicals Ltd., import half of India's crude oil requirement of 5.2 million barrels per day, it said. 

 

The one-year exact-period dollar-rupee forward premium was 2.98% at 1500 IST, sharply down from Thursday's close of 3.11%. On an absolute basis, the premium was 276.68 paise, against 289.55 paise Thursday.  (Divya Moolayattil)

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India Rupee: Remains up on report of RBI urging state oil cos to ease dlr buy

 

	AT 1410 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	92.8700	92.9450	92.6550	92.9450	93.1950

 

MUMBAI – The rupee remained sharply up against the dollar as traders trimmed their long dollar positions after a report said the Reserve Bank of India has urged state-owned oil companies to curb their dollar purchases in the spot market and tap the special credit line instead for their foreign exchange needs, the dealers said.

 

"We have very less long positions, but we are cutting that now because state-owned oilers will be going to select state-owned banks," a dealer at a public-sector bank said. 

 

State-run refiners have been asked to tap the State Bank of India to access the special credit line, Reuters reported, citing sources on Thursday. Indian Oil Corp., Hindustan Petroleum Corp. Ltd., and Bharat Petroleum Corp. Ltd., along with Mangalore Refinery and Petrochemicals Ltd. control half of India's oil capacity of 5.2 million barrels per day, it said. 

 

However, gains for the Indian unit were limited as banks bought dollars on behalf of importers other than state-run oil companies, noting the relatively lower dollar-rupee levels, dealers said. "Although the import volume is low, there were still some dollar purchases by importers," a dealer at the public-sector bank quoted above said. 

 

A rise in domestic equities owing to hopes of a second round of negotiations between Iran and the US also supported the Indian unit, they said. At 1410 IST, the Nifty and Sensex were up 0.5%. "It's all positive for now. The rupee will rise further on any positive news on the second round of talks during the weekend," a dealer at another private sector bank said. 

 

However, dealers pointed out that the appreciation of the rupee is not sustainable as the RBI's recent measures in the foreign exchange market are temporary in nature. "RBI's measures are temporary. The central bank will probably remove it once the war ends," a dealer at the private sector bank quoted above said. "There has to be substantial inflows from foreign portfolio investors for the rupee to rise sustainably."

For the rest of the day, the rupee is seen moving between 92.60 and 93.00 against the greenback. Dealers peg immediate technical resistance for the rupee at 92.60 a dollar.  (Divya Moolayattil)

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India Rupee: Technical levels for rupee - Apr 17

 

MUMBAI - At 1040 IST, the rupee was at 92.7275 per dollar. At 0900 IST, the rupee was at 92.9450 a dollar, against the previous close of 93.1950 a dollar. Following are the key support and resistance levels for the rupee as provided by leading banks and brokerages:

 

Participants	S2	S1	R1	R2
State-owned bank	93.30	93.20	92.55	92.50
Private-sector bank	93.30	93.15	92.60	92.50
Foreign bank	93.10	92.91	92.70	92.50
Brokerage firm	93.35	93.20	92.60	92.50
Brokerage firm	93.30	93.20	92.60	92.60

 

(Divya Moolayattil)

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India Rupee: Sharply up as RBI urges state oil refiners to curb dollar buys

 

	AT 1000 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	92.8175	92.9450	92.7725	92.9450	93.1950

 

MUMBAI – The rupee surged against the dollar in early trade Friday as the Reserve Bank of India reportedly urged state-owned oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, dealers said. 

 

"During the Ukraine war, the RBI did the same, which went on for a month. We can't say how long the RBI will stick on to this for now," a dealer at a private sector bank said. "State-run oilers are major buyers of the dollars in the market, so this will have significant impact." 

 

State-run refiners have been asked to tap the State Bank of India to access the special credit line, Reuters reported, citing sources on Thursday. Indian Oil Corp, Hindustan Petroleum Corp Ltd., and Bharat Petroleum Corp Ltd., along with Mangalore Refinery and Petrochemicals Ltd. control half of India's oil capacity of 5.2 million barrels per day, it said. 

 

"Oilers (oil companies) are not seen much in market since few weeks now. With the major oil companies not buying dollars, other speculators will also not bet against the rupee. So, we expect the rupee to rise further," a dealer at another private sector bank said. 

 

The RBI's latest measures comes as the war in West Asia has led to a sharp rise in oil prices and strong foreign portfolio outflows, pushing the rupee to an all-time low of 95.22 a dollar last month. The RBI had earlier also rolled out other regulatory measures to curb volatility in the exchange rate, including putting a cap of $100 million on banks' onshore net open positions. The rupee has fallen nearly 2% since the war began on Feb. 28.

 

The Indian unit was also supported by hopes of second round of negotiations between the US and Iran, they said. Investors have pinned their hopes on the near-term end of the war after US President Donald Trump Thursday said further talks could be held this weekend in Pakistan. 

  

However, gains for the rupee may be limited as crude oil prices remain near the $100 per barrel mark, owing to no clarity on the reopening of the Strait of Hormuz. US officials Thursday said Washington has turned back 14 vessels so far to comply with the blockade and shipping through the Hormuz remains very limited. At 0938 IST, Brent crude June futures were at $98.20, down from $99.39 Thursday. 

 

For the rest of the day, the rupee is seen moving between 92.50 and 93.20 against the greenback. Dealers peg immediate technical resistance for the rupee at 92.60 a dollar.  (Divya Moolayattil)

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India Rupee - Asia FX: Most down amid uncertainty over US-Iran peace talks

 

MUMBAI – Most Asian currencies fell against the dollar in early trade Friday as market participants remained uncertain regarding the second round of negotiations between the US and Iran for a peace dael and a near-term resolution to the West Asia war. US President Donald Trump Thursday said the next meeting between Washington and Tehran may take place over the weekend, as the current ceasefire is set to expire on Tuesday. However, Iran said through Pakistan that there would be no use of further negotiations without a framework and the US must "fulfil commitments" and drop its "excessive demands."  

 

At 0810 IST, Brent crude June futures were $98.37 a barrel, down from $99.39 a barrel Thursday but sharply up from $94.93 a barrel Wednesday. Brent crude prices reversed losses hit earlier in the week as tanker traffic through the Strait of Hormuz remains very low with no clear pathway to fully reopen the vital waterway. This has weighed on the Asian currencies. 

 

The Philippine peso fell 0.2% against the greenback. Bangko Sentral ng Pilipinas Governor Eli Remolona Jr said the central bank has room to raise interest rates to contain an oil-driven surge in inflation. The central bank's monetary policy board is scheduled to meet on Thursday.

 

The South Korean won fell 0.1% against the dollar and retreated from one-month highs hit Thursday. Both the Thai baht and Malaysian ringgit fell 0.1% against the US unit. Market participants await Malaysia's advance estimate of first quarter GDP due later in the day. 

 

The Hong Kong dollar, Singapore dollar, Taiwan dollar and Chinese yuan were broadly stable against the dollar.  (Divya Moolayattil)

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India Rupee: Expected range for rupee - Apr 17

 

MUMBAI – Following are the support and resistance levels expected for the rupee Friday, as forecast by leading banks and brokerages in an Informist Poll:

 

PARTICIPANT	SUPPORT	RESISTANCE
Private-sector bank	93.30	92.75
Private-sector bank	93.25	92.80
Private-sector bank	93.20	92.75
Private-sector bank	93.30	92.80
Foreign bank	93.30	92.75
Brokerage firm	93.25	92.50
Brokerage firm	93.35	92.85

 

 

 

 

 

 

 

 

 

 

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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